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Peter Lacovara: Head of Commercial, Floodbase: Making parametric flood insurance possible (252)
InsTech - insurance & innovation with Matthew Grant
Parametric Flood Insurance: A New Approach to Flood Insurance
parametric flood insurance is when payouts are based on an event trigger rather than an assessment of loss. It's quite complicated to do for a pedal-like flood and we're going to get into some of the details later. Peter, why were clients coming to you when you were at Marsh looking for parametric flood Insurance? There were a number of key reasons. Indibnity flood capacity in certain areas at the time was quite constrained. Since I've left Marsh, I'm going to assume that that problem has continued on the client side. The simple answer is in the US flood has not been considered a peak peril. That's not the case outside the US in many places.
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